Exhibit 99.1
IR Contact: Media Contact: Company Contact:
Leslie Wolf-Creutzfeldt Rick Hilton John Chen, CFO
Adam Friedman Associates Adam Friedman Assoc. 011-86-10-68000346
212-981-2529 x11 212.981.2529 ext 22 johnchen@generalsteelinc.com
leslie@adam-friedman.com rick@adam-friedman.com
AMERICAN CONSTRUCTION COMPANY CHANGES NAME
TO GENERAL STEEL HOLDINGS, INC.
Company Appoints New Board Members, Executive Officers, to Strengthen Leadership
Tianjin, China, March 4, 2005 - American Construction Company (OTCBB: ACNS), a
Nevada corporation, today announced an amendment to the Company's Articles of
Incorporation to change its name to "General Steel Holdings, Inc." effective
March 7, 2005. The company will trade under the symbol "GSHO".
In addition to the name change, the Company announced the following change in
members of its Board of Directors and Executive Officers:
o John Chen assumes the role of Chief Financial Officer and Director.
Chen previously served as senior accountant with Moore Stephens Wurth
Frazer and Torbet, LLP in Los Angeles, California from August 1997 to
July 2003. He is a 1992 graduate of Norman Bethune University of
Medical Science in Changchun, China, and holds a Bachelor of Science
in accounting from California State Polytechnic University in Pomona,
California.
o Huancheng Li is named Director of General Steel Holdings, Inc. Li was
manager and CPA of Tianjin Gao Xin Valuation and Liquidation Company
from January 1995 to May 2002 and manager of Tianjin Trust Company in
Tianjin, China from December 1968 to November 1994. She is a 1982
graduate of Tianjin Financial and Economic Institute in Tianjin,
China.
o Guodong Wang is appointed Chief Technical Officer and Director. Wang
served as a professor at the North East University in Shenyang, China
from January 1982 to May 2003 and as an engineer at Anshan Iron and
Steel Company in Anshan City, China from October 1968 to October 1978.
He received a Master's Degree in Engineering from Beijing Iron and
Steel Research Institute in Beijing, China and a Bachelor's Degree in
Engineering from North East University in Shenyang, China.
o Shengguo Zhao is named Chief Engineer and Director. Zhao's previous
positions include Chief Technology Officer from June 1995 to June 2003
and Chief Engineer from March 1988 to June 1995 at Beijing Capital
Steel Plate Mill. From March 1983 to March 1988 he was an Engineer at
Beijing Special Steel Metal Sheet Mill. Zhao received an MBA from
North East University in Shenyang, China and is a graduate of Beijing
Steel Institute in Beijing, China.
o Jeff Mabry resigns as Director.
"Our name change to General Steel Holdings, Inc. is an important milestone as it
helps our current and future investors more readily understand our core business
in China," said Zuosheng Yu, Director and President of General Steel. "We now
have General Steel's leadership and structure in place and we hope it will
capitalize on our leading market position."
Mr. Yu, in addition to running General Steel, is a member of China's APEC (Asia
Pacific Economic Cooperation) committee.
About the Company
American Construction Company acquired General Steel and its 70% ownership in
its subsidiary, Tianjin Da Qiu Zhuang Sheet Metal Co., Ltd., ("DQ") a People's
Republic of China limited liability corporation, which is a manufacturer of high
quality hot-rolled steel sheets primarily for use in tractors, agricultural
vehicles and other specialty vehicles. Since 1998, it has expanded its
operations to six production lines producing 250,000 tons of 0.7-2.0mm
hot-rolled carbon steel sheets per year, making the company the largest producer
in its product category in China, maintaining a 40% market share of all steel
plates used in the production of agricultural vehicles in China. In 2003, its
sales revenues were over $56 million and its total assets were worth more than
$37 million. The Company recently announced an initial stage joint venture
agreement with the China Inner Mongolia Baogang Steel Union ("Baotou Steel")
which is anticipated to increase the annual steel plate production from the
current 250,000 tons to over 1,000,000 tons if the joint venture transaction is
accomplished. For more information, visit http://www.generalsteelinc.com.
This news release contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to uncertainties
and risks including, but not limited to, product and service demand and
acceptance, changes in technology, economic conditions, the impact of
competition and pricing, government regulation, and other risks defined in this
document and in statements filed from time to time with the Securities and
Exchange Commission. All such forward-looking statements, whether written or
oral, and whether made by or on behalf of the companies, are expressly qualified
by the cautionary statements and any other cautionary statements which may
accompany the forward-looking statements. In addition, the companies disclaim
any obligation to update any forward-looking statements to reflect events or
circumstances after the date hereof.
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